Better stock up on those beloved biscuits! Red Lobster may be closing its doors for good soon, or at the very least, completely remixing the chain. The company that owns them, Darden, announced today they will either be selling or spinning off the chain, as well as suspending the opening of new Olive Garden locations and slow down new locations for LongHorn Steakhouses, which they also own.
Last quarter, Darden experienced a 31 percent drop in net earnings, and it’s expected to continue, as consumers have been favoring cheaper, quicker eateries like Chipotle instead.
The planned Red Lobster spinoff still awaits final approval from the company’s board, so it probably won’t happen until early fiscal 2015.
This is EbenGregory.com…telling you bye bye cheddar biscuits.